Voya Financial (NYSE:VOYA) Given New $85.00 Price Target at Royal Bank of Canada

Voya Financial (NYSE:VOYA) had its price target cut by Royal Bank of Canada from $90.00 to $85.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

A number of other research firms have also recently commented on VOYA. Evercore ISI cut their target price on Voya Financial from $94.00 to $89.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 10th. JPMorgan Chase & Co. cut their target price on Voya Financial from $87.00 to $82.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Bank of America reaffirmed a “neutral” rating and set a $83.00 target price (down previously from $91.00) on shares of Voya Financial in a research note on Wednesday, December 11th. Keefe, Bruyette & Woods cut their target price on Voya Financial from $92.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Piper Sandler dropped their price objective on Voya Financial from $91.00 to $84.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $83.27.

Voya Financial Price Performance

NYSE:VOYA opened at $68.89 on Monday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $6.63 billion, a P/E ratio of 10.97, a P/E/G ratio of 0.49 and a beta of 1.05. Voya Financial has a 12 month low of $63.11 and a 12 month high of $84.30. The business’s 50-day moving average is $71.74 and its 200 day moving average is $74.13.

Voya Financial (NYSE:VOYA) last issued its quarterly earnings data on Monday, November 4th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.07. Voya Financial had a return on equity of 15.09% and a net margin of 8.81%. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the business posted $2.07 earnings per share. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts forecast that Voya Financial will post 7.11 earnings per share for the current fiscal year.

Voya Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Tuesday, February 25th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, February 25th. This represents a $1.80 dividend on an annualized basis and a yield of 2.61%. Voya Financial’s dividend payout ratio (DPR) is 28.66%.

Insider Buying and Selling

In other Voya Financial news, insider Tony D. Oh sold 715 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.95, for a total transaction of $58,594.25. The sale was disclosed in a filing with the SEC, which is available through this link. 1.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Voya Financial

A number of institutional investors have recently modified their holdings of VOYA. Creative Planning grew its position in shares of Voya Financial by 15.3% during the 2nd quarter. Creative Planning now owns 7,216 shares of the asset manager’s stock valued at $513,000 after acquiring an additional 958 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Voya Financial by 114.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,494 shares of the asset manager’s stock valued at $604,000 after acquiring an additional 4,540 shares during the period. Sanctuary Advisors LLC acquired a new stake in Voya Financial in the 2nd quarter worth about $319,000. SG Americas Securities LLC boosted its holdings in Voya Financial by 379.8% in the 3rd quarter. SG Americas Securities LLC now owns 13,242 shares of the asset manager’s stock worth $1,049,000 after buying an additional 10,482 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in Voya Financial by 118.9% in the 3rd quarter. UMB Bank n.a. now owns 440 shares of the asset manager’s stock worth $35,000 after buying an additional 239 shares during the last quarter. 96.10% of the stock is currently owned by institutional investors and hedge funds.

Voya Financial Company Profile

Voya Financial, Inc engages in the provision of workplace benefits and savings products in the United States and internationally. The company operates through three segments: Wealth Solutions, Health Solutions, and Investment Management. The Wealth Solutions segment offers full-service retirement products; recordkeeping services; stable value and fixed general account investment products; non-qualified plan administration services; and tools, guidance, and services to promote the financial well-being and retirement security of employees.